As a rental real estate investor you will need commonly used industry tools to successfully and profitably operate your investment properties. Below we explore some of the most common and useful rental real estate tools.
Purchasing, selling, and holding rental real estate requires in-depth analysis. Real estate calculators are helpful tools to quickly analyze and calculate important financial metrics such as NOI (Net Operating Income) and Capitalization Rates (Cap Rate).
Rental property documents are important tools of the trade for rental real estate professionals. From renting out a piece of vacant land, to managing a senior housing facility, the entire landlord and tenant relationship relies on what is put in writing (rather hard-copy pen and paper, or digital signature).
Rental Real Estate Software
Although rental real estate is a very physically engaging business, property management has increasingly become more dependent on using real estate software. Real estate investors use software for everything from doing post-acquisition research, to post-acquisition property management. Rental real estate software ranges from property management software, tenant screening software, property maintenance software, real estate data software, and more.
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Building Material Vendors
No matter the size of your rental property investment operation, a big component of any investor’s budget will be spent at building material supply vendors. Staying familiar with the various vendors is a worthwhile endeavor for all rental real estate investors.
Sales, Leasing & Marketing
Rental property marketing is a vital component for buying, selling, and leasing rental properties. Whether you are an agent, broker, landlord, real estate investor, or anyone else involved in the broader real estate industry, understanding and effectively using real estate marketing can be one of your most powerful tools.
Education & Resources
Learning about new subjects can always be intimidating at first; especially when it is such a big topic like rental real estate. Thankfully, there are several great real estate learning platforms that provide best-in-class information no matter where you are at in your investing journey. These resources include information platforms, communities, and professional certifications.
The world of rental real estate is a vast industry with many different technical terms, unofficial slang words and industry specific acronyms. Our glossary of rental real estate terminology contains a comprehensive list of all the essential terms that real estate professionals need to be familiar with.